Rochester hosting competition for startup businesses

ROCHESTER — According to Economic Specialist Mary Ellen Humphrey, Rochester has what it takes to be an innovation hub for the Seacoast.

Capitalizing on the already existing manufacturing and technology industry in the city, Humphrey recently joined efforts with Jamie Coughlin, CEO of abi Innovation Hub, to create a competition for local startup businesses, which will have a chance to win $10,000 toward getting their business ideas off the ground.

Abi Innovation Hub is the state’s largest business incubator and innovation center. In September, it held a Tech Out competition, which gave entrepreneurs rewards of up to $50,000 for the best startup plans, after having raised $500,000 in venture capital.

The city’s partnership with abi Innovation Hub has created the concept for 2013 Startup Rochester Business Competition, taking place Feb. 13. The local business competition will reward $10,000 to the entrepreneur judged as having the best business plan.

Three local startup businesses have already expressed interest in participating in February’s competition, said Humphrey on Thursday.

Interested entrepreneurs will have between Jan. 1 and Jan. 31 to apply to participate in the competition. Applications will soon be available through www.thinkrochester.biz.

“There are people out there who have an idea, and there’s an opportunity for them to get started on their idea,” said Humphrey. “We want to help them really succeed.”

Humphrey said she hopes to attract a large audience to the business competition, the venue for which has not yet been established.

The entrepreneurs’ applications will be narrowed down to about five to 10 participants, and the audience at the event will likely narrow down the finalists, said Humphrey. Then, judges — consisting of business experts, finance officials, and other entrepreneurs — will vote on the winning business plan.

Humphrey said the event not only offers the $10,000 cash prize to the winner, but also gives entrepreneurs a chance to sharpen their marketing skills and meet potential customers.

“It gives you a lot of exposure even if you don’t win the prize,” said Humphrey.

Following the competition, qualified applicants may be invited to participate in a start up accelerator program, in which they will receive expert advice and access to resources to help them grown their business.

“The whole point is to start developing what we call an ‘economic ecosystem,’” said Humphrey.

The biggest benefit, she said, is creating jobs.

“A lot of jobs are being started now through innovation and technology,” said Humphrey.

She said she hopes that after February, the event can become even bigger.

“We are starting small, but hopefully this will rapidly increase,” said Humphrey.

The competition is open to contestants which are a for-profit, technology-focused business, formed no more than five years before the deadline for the application, and have not raised more than $100,000 in funding from unaffiliated parties, and as of the time of the application have not had revenues exceeding $100,000 annually.